ODA SDK reads and vectorizes monochrome images (.bmp, .tiff, .png) without using the palette colors stored inside the image. A dark color inside the palette is substituted with a background drawing color (or by a secondary color set in OdGiSubEntityTraits, or is transparent if image transparency is enabled). A light color inside the palette is substituted with the color specified in OdGiSubEntityTraits during the vectorization. So you don't see your image because it is completely filled with the background color, but you can see that it is rendered if the image overlaps other geometry.
This behavior is the same as in AutodeskĀ® AutoCADĀ® for monochrome images in .bmp and .tiff formats, but .png images are handled as non-monochrome rasters.